UPI has close to 40 crore users in the country, and more than 16 lakh crore transactions have been made through UPI in 2023. In 2023, an amount of Rs 30,000 crore was stolen through cybercrime through UPI. Upi is expected to be widely used in the next three years, with transactions estimated to reach $100 billion. In cyber crimes, the RBI has tightened the rules only because the amount stolen through UPI is huge.
RBI makes nine major changes to UPI rules
1. The GPay, PhonePe, Paytm, and BHIM apps are installed on phones, and if you have not used this app once between January and December, your UPI ID will be blocked from January 1, 2024, and temporarily closed for security reasons.
2. The daily UPI transaction limit will be up to Rs 1 lakh.
3. Educational institutions and hospitals will be able to pay fees or amounts up to Rs 5 lakh for a day.
4. If you want to settle more than Rs 2,000, it will now take four hours. The RBI has made this change to prevent cyber crime. E.g., immediately after the transaction, the money used to be deposited in the seller’s account, but now, from January 2024, if you give more than Rs 2,000 to any new person or shopkeeper, then it will take four hours for the seller’s account to deposit that amount. But if you are always paying that person or shopkeeper, then this rule will apply to you.
5. If you make a payment to a new person or shopkeeper, you will be able to cancel it within four hours. Also, that amount will be credited back to your account. This will be of great benefit to cybercriminals in recovering the stolen money. If the money accidentally goes to someone else’s account, they can now get it back.
6. Now the seller’s real name will be revealed. Irrespective of the name of the SIM card, you will see the same name as the bank account while making payments.
7. Now you can spend more than the balance amount by requesting the bank. Your bank will check your track record or CIBIL course and provide you with this facility.
8. RBI has partnered with Japan’s Hitashi Company for UPI ATMs. Also, these UPI ATM machines will be available everywhere. For example, if you withdraw money from ATMs through debit cards, now you can withdraw money by scanning the QR code in the ATM machine.
9. If you pay from your UPI wallet, you will have to pay a service charge of 1.1 percent.
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